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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vulcan Materials | NYSE:VMC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 0.02% | 256.14 | 258.19 | 254.70 | 257.80 | 599,756 | 01:00:00 |
|
|
|
||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which
registered
|
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
Exhibit No.
|
Description
|
Press Release, dated August 3, 2023
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
VULCAN MATERIALS COMPANY
|
||||
Date: August 3, 2023
|
By:
|
/s/ Denson N. Franklin III
|
||
Name:
|
Denson N. Franklin III
|
|||
Title:
|
Senior Vice President, General Counsel and Secretary
|
|
Second Quarter
|
Year-to-Date
|
Trailing-Twelve Months
|
|||||||||||||||||||||
Amounts in millions, except per unit data
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||
Total revenues
|
$
|
2,113
|
$
|
1,954
|
$
|
3,762
|
$
|
3,495
|
$
|
7,582
|
$
|
6,618
|
||||||||||||
Gross profit
|
$
|
583
|
$
|
446
|
$
|
885
|
$
|
715
|
$
|
1,728
|
$
|
1,461
|
||||||||||||
Selling, Administrative and General (SAG)
|
$
|
139
|
$
|
134
|
$
|
256
|
$
|
253
|
$
|
518
|
$
|
482
|
||||||||||||
As % of Total revenues
|
6.6
|
%
|
6.9
|
%
|
6.8
|
%
|
7.3
|
%
|
6.8
|
%
|
7.3
|
%
|
||||||||||||
Net earnings attributable to Vulcan
|
$
|
309
|
$
|
187
|
$
|
429
|
$
|
279
|
$
|
726
|
$
|
594
|
||||||||||||
Adjusted EBITDA
|
$
|
595
|
$
|
450
|
$
|
933
|
$
|
744
|
$
|
1,814
|
$
|
1,545
|
||||||||||||
Earnings attributable to Vulcan from continuing operations per diluted share
|
$
|
2.33
|
$
|
1.50
|
$
|
3.25
|
$
|
2.20
|
$
|
5.49
|
$
|
4.56
|
||||||||||||
Adjusted earnings attributable to Vulcan from continuing operations per diluted share
|
$
|
2.29
|
$
|
1.53
|
$
|
3.25
|
$
|
2.25
|
$
|
6.11
|
$
|
5.04
|
||||||||||||
Aggregates segment
|
||||||||||||||||||||||||
Shipments (tons)
|
63.4
|
63.8
|
115.1
|
116.8
|
234.6
|
234.7
|
||||||||||||||||||
Freight-adjusted sales price per ton
|
$
|
18.69
|
$
|
16.25
|
$
|
18.68
|
$
|
15.91
|
$
|
17.76
|
$
|
15.41
|
||||||||||||
Gross profit
|
$
|
499
|
$
|
402
|
$
|
801
|
$
|
645
|
$
|
1,565
|
$
|
1,343
|
||||||||||||
Gross profit per ton
|
$
|
7.87
|
$
|
6.31
|
$
|
6.96
|
$
|
5.52
|
$
|
6.67
|
$
|
5.72
|
||||||||||||
Cash gross profit
|
$
|
618
|
$
|
510
|
$
|
1,033
|
$
|
856
|
$
|
2,027
|
$
|
1,750
|
||||||||||||
Cash gross profit per ton
|
$
|
9.76
|
$
|
7.99
|
$
|
8.98
|
$
|
7.33
|
$
|
8.64
|
$
|
7.45
|
• |
Aggregates shipments down 1 to 4 percent (236.3 million tons in 2022)
|
• |
Total Asphalt, Concrete and Calcium segment cash gross profit of approximately $295 million
|
o |
Asphalt expected to contribute 50 to 55 percent of non-aggregates cash gross profit with mid-single digit growth in both volume and price
|
o |
Concrete expected to contribute 45 to 50 percent of non-aggregates cash gross profit reflecting the impact of the weather-challenged first quarter
|
• |
Net earnings attributable to Vulcan of between $855 and $935 million
|
• |
Adjusted EBITDA of between $1.9 and $2.0 billion
|
(in millions, except per share data)
|
||||||||||||||||
Consolidated Statements of Earnings
|
Three Months Ended
June 30
|
Six Months Ended
June 30
|
||||||||||||||
(Condensed and unaudited)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Total revenues
|
$
|
2,112.9
|
$
|
1,954.3
|
$
|
3,761.8
|
$
|
3,495.0
|
||||||||
Cost of revenues
|
(1,529.6
|
)
|
(1,508.1
|
)
|
(2,876.5
|
)
|
(2,780.1
|
)
|
||||||||
Gross profit
|
583.3
|
446.2
|
885.3
|
714.9
|
||||||||||||
Selling, administrative and general expenses
|
(139.1
|
)
|
(134.4
|
)
|
(256.5
|
)
|
(253.4
|
)
|
||||||||
Gain on sale of property, plant & equipment and businesses
|
16.7
|
2.0
|
18.5
|
4.6
|
||||||||||||
Other operating expense, net
|
(9.8
|
)
|
(6.2
|
)
|
(9.0
|
)
|
(11.6
|
)
|
||||||||
Operating earnings
|
451.1
|
307.6
|
638.3
|
454.5
|
||||||||||||
Other nonoperating income (expense), net
|
(0.1
|
)
|
(4.7
|
)
|
1.3
|
(3.0
|
)
|
|||||||||
Interest expense, net
|
(46.7
|
)
|
(38.7
|
)
|
(95.7
|
)
|
(74.7
|
)
|
||||||||
Earnings from continuing operations before income taxes
|
404.3
|
264.2
|
543.9
|
376.8
|
||||||||||||
Income tax expense
|
(92.0
|
)
|
(63.7
|
)
|
(108.6
|
)
|
(82.4
|
)
|
||||||||
Earnings from continuing operations
|
312.3
|
200.5
|
435.3
|
294.4
|
||||||||||||
Loss on discontinued operations, net of tax
|
(3.7
|
)
|
(13.1
|
)
|
(5.8
|
)
|
(14.9
|
)
|
||||||||
Net earnings
|
308.6
|
187.4
|
429.5
|
279.5
|
||||||||||||
Earnings attributable to noncontrolling interest
|
0.0
|
(0.1
|
)
|
(0.2
|
)
|
(0.4
|
)
|
|||||||||
Net earnings attributable to Vulcan
|
$
|
308.6
|
$
|
187.3
|
$
|
429.3
|
$
|
279.1
|
||||||||
Basic earnings (loss) per share attributable to Vulcan
|
||||||||||||||||
Continuing operations
|
$
|
2.34
|
$
|
1.51
|
$
|
3.27
|
$
|
2.21
|
||||||||
Discontinued operations
|
$
|
(0.02
|
)
|
$
|
(0.10
|
)
|
$
|
(0.05
|
)
|
$
|
(0.11
|
)
|
||||
Net earnings
|
$
|
2.32
|
$
|
1.41
|
$
|
3.22
|
$
|
2.10
|
||||||||
Diluted earnings (loss) per share attributable to Vulcan
|
||||||||||||||||
Continuing operations
|
$
|
2.33
|
$
|
1.50
|
$
|
3.25
|
$
|
2.20
|
||||||||
Discontinued operations
|
$
|
(0.02
|
)
|
$
|
(0.10
|
)
|
$
|
(0.04
|
)
|
$
|
(0.11
|
)
|
||||
Net earnings
|
$
|
2.31
|
$
|
1.40
|
$
|
3.21
|
$
|
2.09
|
||||||||
|
||||||||||||||||
Weighted-average common shares outstanding
|
||||||||||||||||
Basic
|
133.2
|
133.0
|
133.2
|
133.0
|
||||||||||||
Assuming dilution
|
133.8
|
133.5
|
133.7
|
133.6
|
||||||||||||
Effective tax rate from continuing operations
|
22.8
|
%
|
24.1
|
%
|
20.0
|
%
|
21.9
|
%
|
|
(in millions)
|
|||||||||||
Consolidated Balance Sheets
(Condensed and unaudited)
|
June 30
2023
|
December 31
2022
|
June 30
2022
|
|||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
$
|
166.0
|
$
|
161.4
|
$
|
120.7
|
||||||
Restricted cash
|
2.2
|
0.1
|
3.0
|
|||||||||
Accounts and notes receivable
|
||||||||||||
Accounts and notes receivable, gross
|
1,174.6
|
1,056.2
|
1,121.6
|
|||||||||
Allowance for credit losses
|
(14.2
|
)
|
(10.9
|
)
|
(10.0
|
)
|
||||||
Accounts and notes receivable, net
|
1,160.4
|
1,045.3
|
1,111.6
|
|||||||||
Inventories
|
||||||||||||
Finished products
|
455.3
|
439.3
|
405.2
|
|||||||||
Raw materials
|
69.1
|
63.4
|
63.5
|
|||||||||
Products in process
|
7.2
|
6.0
|
4.8
|
|||||||||
Operating supplies and other
|
63.0
|
70.6
|
50.7
|
|||||||||
Inventories
|
594.6
|
579.3
|
524.2
|
|||||||||
Other current assets
|
120.5
|
115.9
|
140.0
|
|||||||||
Total current assets
|
2,043.7
|
1,902.0
|
1,899.5
|
|||||||||
Investments and long-term receivables
|
31.2
|
31.8
|
33.1
|
|||||||||
Property, plant & equipment
|
||||||||||||
Property, plant & equipment, cost
|
11,561.5
|
11,306.4
|
10,831.1
|
|||||||||
Allowances for depreciation, depletion & amortization
|
(5,455.7
|
)
|
(5,255.1
|
)
|
(5,087.9
|
)
|
||||||
Property, plant & equipment, net
|
6,105.8
|
6,051.3
|
5,743.2
|
|||||||||
Operating lease right-of-use assets, net
|
558.4
|
572.6
|
692.6
|
|||||||||
Goodwill
|
3,689.5
|
3,689.6
|
3,742.4
|
|||||||||
Other intangible assets, net
|
1,653.1
|
1,702.1
|
1,776.0
|
|||||||||
Other noncurrent assets
|
251.9
|
285.2
|
294.7
|
|||||||||
Total assets
|
$
|
14,333.6
|
$
|
14,234.6
|
$
|
14,181.5
|
||||||
Liabilities
|
||||||||||||
Current maturities of long-term debt
|
0.5
|
0.5
|
0.5
|
|||||||||
Short-term debt
|
0.0
|
100.0
|
176.0
|
|||||||||
Trade payables and accruals
|
402.1
|
454.5
|
441.0
|
|||||||||
Other current liabilities
|
390.7
|
401.6
|
411.8
|
|||||||||
Total current liabilities
|
793.3
|
956.6
|
1,029.3
|
|||||||||
Long-term debt
|
3,873.2
|
3,875.2
|
3,873.7
|
|||||||||
Deferred income taxes, net
|
1,069.8
|
1,072.8
|
1,036.1
|
|||||||||
Deferred revenue
|
149.9
|
159.8
|
163.9
|
|||||||||
Noncurrent operating lease liabilities
|
537.5
|
548.4
|
645.1
|
|||||||||
Other noncurrent liabilities
|
683.5
|
669.6
|
689.2
|
|||||||||
Total liabilities
|
$
|
7,107.2
|
$
|
7,282.4
|
$
|
7,437.3
|
||||||
Equity
|
||||||||||||
Common stock, $1 par value
|
132.9
|
132.9
|
132.9
|
|||||||||
Capital in excess of par value
|
2,845.4
|
2,839.0
|
2,817.3
|
|||||||||
Retained earnings
|
4,375.7
|
4,111.4
|
3,921.4
|
|||||||||
Accumulated other comprehensive loss
|
(151.4
|
)
|
(154.7
|
)
|
(150.5
|
)
|
||||||
Total shareholder's equity
|
7,202.6
|
6,928.6
|
6,721.1
|
|||||||||
Noncontrolling interest
|
23.8
|
23.6
|
23.1
|
|||||||||
Total equity
|
$
|
7,226.4
|
$
|
6,952.2
|
$
|
6,744.2
|
||||||
Total liabilities and equity
|
$
|
14,333.6
|
$
|
14,234.6
|
$
|
14,181.5
|
|
(in millions)
|
|||||||
Consolidated Statements of Cash Flows
|
Six Months Ended
June 30
|
|||||||
(Condensed and unaudited)
|
2023
|
2022
|
||||||
Operating Activities
|
||||||||
Net earnings
|
$
|
429.5
|
$
|
279.5
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities
|
||||||||
Depreciation, depletion, accretion and amortization
|
303.3
|
284.0
|
||||||
Noncash operating lease expense
|
27.3
|
31.3
|
||||||
Net gain on sale of property, plant & equipment and businesses
|
(18.5
|
)
|
(4.6
|
)
|
||||
Contributions to pension plans
|
(3.8
|
)
|
(3.9
|
)
|
||||
Share-based compensation expense
|
24.3
|
18.2
|
||||||
Deferred tax provision (benefit)
|
(4.7
|
)
|
6.6
|
|||||
Changes in assets and liabilities before initial
|
||||||||
effects of business acquisitions and dispositions
|
(256.9
|
)
|
(289.2
|
)
|
||||
Other, net
|
7.0
|
3.6
|
||||||
Net cash provided by operating activities
|
$
|
507.5
|
$
|
325.5
|
||||
Investing Activities
|
||||||||
Purchases of property, plant & equipment
|
(354.6
|
)
|
(290.6
|
)
|
||||
Proceeds from sale of property, plant & equipment
|
20.5
|
10.2
|
||||||
Proceeds from sale of businesses
|
130.0
|
0.0
|
||||||
Payment for businesses acquired, net of acquired cash and adjustments
|
0.9
|
(188.1
|
)
|
|||||
Other, net
|
0.0
|
(0.2
|
)
|
|||||
Net cash used for investing activities
|
$
|
(203.2
|
)
|
$
|
(468.7
|
)
|
||
Financing Activities
|
||||||||
Proceeds from short-term debt
|
75.0
|
559.8
|
||||||
Payment of short-term debt
|
(175.0
|
)
|
(383.8
|
)
|
||||
Payment of current maturities and long-term debt
|
(550.4
|
)
|
(7.6
|
)
|
||||
Proceeds from issuance of long-term debt
|
550.0
|
0.0
|
||||||
Debt issuance and exchange costs
|
(3.4
|
)
|
(0.7
|
)
|
||||
Payment of finance leases
|
(11.6
|
)
|
(18.8
|
)
|
||||
Purchases of common stock
|
(49.9
|
)
|
0.0
|
|||||
Dividends paid
|
(114.4
|
)
|
(106.3
|
)
|
||||
Share-based compensation, shares withheld for taxes
|
(17.8
|
)
|
(17.2
|
)
|
||||
Other, net
|
(0.1
|
)
|
0.0
|
|||||
Net cash provided by (used for) financing activities
|
$
|
(297.6
|
)
|
$
|
25.4
|
|||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
6.7
|
(117.8
|
)
|
|||||
Cash and cash equivalents and restricted cash at beginning of year
|
161.5
|
241.5
|
||||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
168.2
|
$
|
123.7
|
(in millions, except per unit data)
|
||||||||||||||||
Three Months Ended
June 30
|
Six Months Ended
June 30
|
|||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Total Revenues
|
||||||||||||||||
Aggregates 1
|
$
|
1,578.4
|
$
|
1,401.8
|
$
|
2,872.8
|
$
|
2,523.0
|
||||||||
Asphalt 2
|
337.4
|
274.8
|
507.1
|
442.0
|
||||||||||||
Concrete
|
343.5
|
422.3
|
628.7
|
782.8
|
||||||||||||
Calcium
|
2.4
|
1.4
|
4.6
|
3.3
|
||||||||||||
Segment sales
|
$
|
2,261.7
|
$
|
2,100.3
|
$
|
4,013.2
|
$
|
3,751.1
|
||||||||
Aggregates intersegment sales
|
(148.8
|
)
|
(146.0
|
)
|
(251.4
|
)
|
(256.1
|
)
|
||||||||
Total revenues
|
$ |
2,112.9
|
$ |
1,954.3
|
$ |
3,761.8
|
$ |
3,495.0
|
||||||||
Gross Profit
|
||||||||||||||||
Aggregates
|
$
|
498.6
|
$
|
402.4
|
$
|
801.3
|
$
|
645.2
|
||||||||
Asphalt
|
56.6
|
13.6
|
57.4
|
10.7
|
||||||||||||
Concrete
|
27.0
|
30.0
|
24.7
|
58.2
|
||||||||||||
Calcium
|
1.1
|
0.2
|
1.9
|
0.8
|
||||||||||||
Total
|
$
|
583.3
|
$
|
446.2
|
$
|
885.3
|
$
|
714.9
|
||||||||
Depreciation, Depletion, Accretion and Amortization
|
||||||||||||||||
Aggregates
|
$
|
119.6
|
$
|
107.3
|
$
|
231.9
|
$
|
210.9
|
||||||||
Asphalt
|
8.9
|
8.5
|
17.8
|
17.1
|
||||||||||||
Concrete
|
19.5
|
20.7
|
39.9
|
41.8
|
||||||||||||
Calcium
|
0.0
|
0.1
|
0.1
|
0.1
|
||||||||||||
Other
|
6.9
|
6.4
|
13.6
|
14.1
|
||||||||||||
Total
|
$
|
154.9
|
$
|
143.0
|
$
|
303.3
|
$
|
284.0
|
||||||||
Average Unit Sales Price and Unit Shipments
|
||||||||||||||||
Aggregates
|
||||||||||||||||
Freight-adjusted revenues 3
|
$
|
1,184.4
|
$
|
1,036.6
|
$
|
2,150.3
|
$
|
1,859.3
|
||||||||
Aggregates - tons
|
63.4
|
63.8
|
115.1
|
116.8
|
||||||||||||
Freight-adjusted sales price 4
|
$
|
18.69
|
$
|
16.25
|
$
|
18.68
|
$
|
15.91
|
||||||||
|
||||||||||||||||
Other Products
|
||||||||||||||||
Asphalt Mix - tons
|
4.0
|
3.4
|
6.1
|
5.7
|
||||||||||||
Asphalt Mix - sales price 5
|
$
|
75.52
|
$
|
69.42
|
$
|
74.80
|
$
|
67.25
|
||||||||
Ready-mixed concrete - cubic yards
|
2.1
|
2.8
|
3.9
|
5.3
|
||||||||||||
Ready-mixed concrete - sales price 5
|
$
|
163.82
|
$
|
148.75
|
$
|
162.64
|
$
|
146.43
|
(in millions, except per ton data)
|
||||||||||||||||||||||||
Three Months Ended
June 30
|
Six Months Ended
June 30
|
Trailing Twelve Months Ended
June 30
|
||||||||||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||
Aggregates segment
|
||||||||||||||||||||||||
Segment sales
|
$
|
1,578.4
|
$
|
1,401.8
|
$
|
2,872.8
|
$
|
2,523.0
|
$
|
5,622.5
|
$
|
4,847.7
|
||||||||||||
Less: Freight & delivery revenues 1
|
364.7
|
336.0
|
674.5
|
608.3
|
1,357.3
|
1,128.2
|
||||||||||||||||||
Other revenues
|
29.3
|
29.2
|
48.0
|
55.4
|
99.0
|
101.3
|
||||||||||||||||||
Freight-adjusted revenues
|
$
|
1,184.4
|
$
|
1,036.6
|
$
|
2,150.3
|
$
|
1,859.3
|
$
|
4,166.2
|
$
|
3,618.2
|
||||||||||||
Unit shipments - tons
|
63.4
|
63.8
|
115.1
|
116.8
|
234.6
|
234.7
|
||||||||||||||||||
Freight-adjusted sales price
|
$
|
18.69
|
$
|
16.25
|
$
|
18.68
|
$
|
15.91
|
$
|
17.76
|
$
|
15.41
|
(in millions, except per ton data)
|
||||||||||||||||||||||||
Three Months Ended
June 30
|
Six Months Ended
June 30
|
Trailing Twelve Months Ended
June 30
|
||||||||||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||
Aggregates segment
|
||||||||||||||||||||||||
Gross profit
|
$
|
498.6
|
$
|
402.4
|
$
|
801.3
|
$
|
645.2
|
$
|
1,564.6
|
$
|
1,343.4
|
||||||||||||
Depreciation, depletion, accretion and amortization
|
119.6
|
107.3
|
231.9
|
210.9
|
462.1
|
406.2
|
||||||||||||||||||
Aggregates segment cash gross profit
|
$
|
618.2
|
$
|
509.7
|
$
|
1,033.2
|
$
|
856.1
|
$
|
2,026.7
|
$
|
1,749.6
|
||||||||||||
Unit shipments - tons
|
63.4
|
63.8
|
115.1
|
116.8
|
234.6
|
234.7
|
||||||||||||||||||
Aggregates segment gross profit per ton
|
$
|
7.87
|
$
|
6.31
|
$
|
6.96
|
$
|
5.52
|
$
|
6.67
|
$
|
5.72
|
||||||||||||
Aggregates segment cash gross profit per ton
|
$
|
9.76
|
$
|
7.99
|
$
|
8.98
|
$
|
7.33
|
$
|
8.64
|
$
|
7.45
|
||||||||||||
Asphalt segment
|
||||||||||||||||||||||||
Gross profit
|
$
|
56.6
|
$
|
13.6
|
$
|
57.4
|
$
|
10.7
|
$
|
104.0
|
$
|
21.4
|
||||||||||||
Depreciation, depletion, accretion and amortization
|
8.9
|
8.5
|
17.8
|
17.1
|
35.9
|
34.9
|
||||||||||||||||||
Asphalt segment cash gross profit
|
$
|
65.5
|
$
|
22.1
|
$
|
75.2
|
$
|
27.8
|
$
|
139.9
|
$
|
56.3
|
||||||||||||
Concrete segment
|
||||||||||||||||||||||||
Gross profit
|
$
|
27.0
|
$
|
30.0
|
$
|
24.7
|
$
|
58.2
|
$
|
55.7
|
$
|
94.5
|
||||||||||||
Depreciation, depletion, accretion and amortization
|
19.5
|
20.7
|
39.9
|
41.8
|
81.2
|
75.3
|
||||||||||||||||||
Concrete segment cash gross profit
|
$
|
46.5
|
$
|
50.7
|
$
|
64.6
|
$
|
100.0
|
$
|
136.9
|
$
|
169.8
|
(in millions)
|
||||||||||||||||||||||||
Three Months Ended
June 30
|
Six Months Ended
June 30
|
Trailing Twelve Months Ended
June 30
|
||||||||||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||
Net earnings attributable to Vulcan
|
$
|
308.6
|
$
|
187.3
|
$
|
429.3
|
$
|
279.1
|
$
|
725.7
|
$
|
594.0
|
||||||||||||
Income tax expense
|
90.8
|
59.2
|
106.6
|
77.2
|
215.8
|
159.2
|
||||||||||||||||||
Interest expense, net
|
46.7
|
38.7
|
95.7
|
74.7
|
189.3
|
147.6
|
||||||||||||||||||
Depreciation, depletion, accretion and amortization
|
154.9
|
143.0
|
303.3
|
284.0
|
606.8
|
543.5
|
||||||||||||||||||
EBITDA
|
$
|
601.0
|
$
|
428.2
|
$
|
934.8
|
$
|
715.0
|
$
|
1,737.7
|
$
|
1,444.2
|
||||||||||||
Loss on discontinued operations
|
$
|
4.9
|
$
|
17.6
|
$
|
7.9
|
$
|
20.0
|
$
|
13.0
|
$
|
21.2
|
||||||||||||
Gain on sale of real estate and businesses, net
|
(15.2
|
)
|
0.0
|
(15.2
|
)
|
0.0
|
(21.3
|
)
|
0.0
|
|||||||||||||||
Charges associated with divested operations
|
4.3
|
0.4
|
4.7
|
0.7
|
7.8
|
1.5
|
||||||||||||||||||
Acquisition related charges 1
|
0.3
|
4.0
|
0.8
|
8.4
|
9.5
|
56.4
|
||||||||||||||||||
COVID-19 direct incremental costs
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
9.6
|
||||||||||||||||||
Pension settlement charge
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
12.1
|
||||||||||||||||||
Loss on impairments
|
0.0
|
0.0
|
0.0
|
0.0
|
67.8
|
0.0
|
||||||||||||||||||
Adjusted EBITDA
|
$
|
595.3
|
$
|
450.2
|
$
|
932.9
|
$
|
744.1
|
$
|
1,814.5
|
$
|
1,545.1
|
Three Months Ended
June 30
|
Six Months Ended
June 30
|
Trailing Twelve Months Ended
June 30
|
||||||||||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||
Net earnings attributable to Vulcan
|
$
|
2.31
|
$
|
1.40
|
$
|
3.21
|
$
|
2.09
|
$
|
5.43
|
$
|
4.44
|
||||||||||||
Less: Discontinued operations
|
(0.02
|
)
|
(0.10
|
)
|
(0.04
|
)
|
(0.11
|
)
|
(0.06
|
)
|
(0.12
|
)
|
||||||||||||
Diluted EPS attributable to Vulcan from continuing operations
|
$
|
2.33
|
$
|
1.50
|
$
|
3.25
|
$
|
2.20
|
$
|
5.49
|
$
|
4.56
|
||||||||||||
Items included in Adjusted EBITDA above, net of tax
|
(0.06
|
)
|
0.03
|
(0.05
|
)
|
0.05
|
0.46
|
0.48
|
||||||||||||||||
NOL carryforward valuation allowance
|
0.02
|
0.00
|
0.05
|
0.00
|
0.16
|
0.00
|
||||||||||||||||||
Adjusted diluted EPS attributable to Vulcan from continuing operations
|
$
|
2.29
|
$
|
1.53
|
$
|
3.25
|
$
|
2.25
|
$
|
6.11
|
$
|
5.04
|
|
(in millions)
|
|||
Mid-point
|
||||
Net earnings attributable to Vulcan
|
$
|
895
|
||
Income tax expense
|
250
|
|||
Interest expense, net of interest income
|
195
|
|||
Depreciation, depletion, accretion and amortization
|
610
|
|||
Projected EBITDA
|
$
|
1,950
|
|
(in millions)
|
|||||||
June 30
|
||||||||
|
2023
|
2022
|
||||||
Debt
|
||||||||
Current maturities of long-term debt
|
$
|
0.5
|
$
|
0.5
|
||||
Short-term debt
|
0.0
|
176.0
|
||||||
Long-term debt
|
3,873.2
|
3,873.7
|
||||||
Total debt
|
$
|
3,873.7
|
$
|
4,050.2
|
||||
Less: Cash and cash equivalents and restricted cash
|
168.2
|
123.7
|
||||||
Net debt
|
$
|
3,705.5
|
$
|
3,926.5
|
||||
Trailing-Twelve Months (TTM) Adjusted EBITDA
|
$
|
1,814.5
|
$
|
1,545.1
|
||||
Total debt to TTM Adjusted EBITDA
|
2.1
|
x
|
2.6
|
x
|
||||
Net debt to TTM Adjusted EBITDA
|
2.0
|
x
|
2.5
|
x
|
|
(dollars in millions)
|
|||||||
|
Trailing Twelve Months Ended
|
|||||||
June 30
|
June 30
|
|||||||
|
2023
|
2022
|
||||||
Adjusted EBITDA
|
$
|
1,814.5
|
$
|
1,545.1
|
||||
Average invested capital
|
||||||||
Property, plant & equipment, net
|
$
|
5,986.1
|
$
|
5,385.6
|
||||
Goodwill
|
3,703.1
|
3,599.0
|
||||||
Other intangible assets
|
1,703.7
|
1,640.0
|
||||||
Fixed and intangible assets
|
$
|
11,392.9
|
$
|
10,624.6
|
||||
|
||||||||
Current assets
|
$
|
1,994.5
|
$
|
1,835.5
|
||||
Less: Cash and cash equivalents
|
148.1
|
320.6
|
||||||
Less: Current tax
|
52.6
|
46.2
|
||||||
Adjusted current assets
|
1,793.8
|
1,468.7
|
||||||
|
||||||||
Current liabilities
|
980.0
|
833.5
|
||||||
Less: Current maturities of long-term debt
|
0.5
|
7.5
|
||||||
Less: Short-term debt
|
117.6
|
55.2
|
||||||
Adjusted current liabilities
|
861.9
|
770.8
|
||||||
Adjusted net working capital
|
$
|
931.9
|
$
|
697.9
|
||||
|
||||||||
Average invested capital
|
$
|
12,324.8
|
$
|
11,322.5
|
||||
|
||||||||
Return on invested capital
|
14.7
|
%
|
13.6
|
%
|
Document and Entity Information |
Aug. 03, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Aug. 03, 2023 |
Entity File Number | 001-33841 |
Entity Registrant Name | VULCAN MATERIALS COMPANY |
Entity Central Index Key | 0001396009 |
Entity Incorporation, State or Country Code | NJ |
Entity Tax Identification Number | 20-8579133 |
Entity Address, Address Line One | 1200 Urban Center Drive |
Entity Address, City or Town | Birmingham |
Entity Address, State or Province | AL |
Entity Address, Postal Zip Code | 35242 |
City Area Code | 205 |
Local Phone Number | 298-3000 |
Title of 12(b) Security | Common Stock, $1 par value |
Trading Symbol | VMC |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Vulcan Materials Chart |
1 Month Vulcan Materials Chart |
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